DePix vs Drex: what's the difference?

If you follow financial news in Brazil, you've probably heard about Drex and wondered how it relates to DePix. Both get described as a "digital Real" in headlines, which leads to a lot of confusion. They are very different things, built for very different purposes.

What Drex is

Drex is a project of the Central Bank of Brazil: a blockchain-based infrastructure built for the financial system itself. The idea is that banks and other regulated institutions can settle tokenized operations with each other on shared rails — more programmable and more efficient than today's systems. It's still under development, with the Central Bank running tests and pilot phases together with the market.

The key point: Drex is not a coin you download into a wallet. It works "behind the counter", between institutions. It's also not a replacement for Pix or for cash — Pix remains the retail payment method Brazilians already use.

What DePix is

DePix is a private stablecoin: a token designed to hold a 1:1 peg with the Brazilian Real, issued on the Liquid Network. You own it directly, in your own self-custody wallet, and you can buy it today with a simple Pix payment — which is exactly what PIX4USDT exists for.

The difference in one sentence

Drex is infrastructure the Central Bank is building for regulated institutions; DePix is an asset you can hold in your own wallet right now.

What that means for you

If Drex launches broadly one day, you'll probably interact with it the way you interact with the banking system today — indirectly, through an institution. DePix is different: it's yours from the moment you receive it, held outside any platform. If you're new to the concept, start with what DePix actually is and how the 1:1 peg works — and if the word "Liquid" is new, here's what the Liquid Network is.